Montague Tool acquiresneighbor Losey & Co.

By Staff -- Industrial Distribution, 5/1/1998

Montague, N.J.--After years of friendly co-existence, Montague Tool & Supply Inc. signed an agreement to acquire the assets of Losey & Co. Inc.

The combined companies, which sell industrial-contractor supplies and industrial tools, will be called Montague Tool/Losey Industrial. They expect to generate more than $8 million in revenue the first year and will serve eastern Pennsylvania, New Jersey and southeastern New York. Formed 133 years ago as a blacksmith shop and wheelwright, Losey & Co. will operate as a branch of Montague Tool.

Montague plans to expand the Easton store, as well as install a new computer and telephone system there to better serve the regional construction market. A showroom at Losey & Co.'s Palmer Township facility will also expand.

Losey President Dick Kreitz and sales manager Gene Cowell were expected to continue serving in sales capacities along with joining Montague Tool's board of directors. Montague President Thomas Meyer will be the new company's chief executive officer.

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